The 1882 Morgan Silver Dollar is one of the most frequently encountered coins in the entire series, but its value is anything but common. As of late 2024 and heading into 2025, the worth of this classic American coin can range dramatically—from a base silver melt value of around $50 to a staggering $50,000 or more for rare mint mark varieties and high-grade specimens. The difference between a pocket-change coin and a collector’s treasure lies entirely in three key factors: the coin's condition (grade), its mint mark, and whether it possesses a rare variety or error.

This comprehensive guide breaks down the current market value for all four mint marks produced in 1882—Philadelphia (P), New Orleans (O), San Francisco (S), and the highly-prized Carson City (CC)—and reveals the shocking premium commanded by the elusive 1882-O/S Over-Mint Mark variety. Understanding these distinctions is the only way to accurately assess the true worth of your 1882 silver dollar.

The 1882 Morgan Silver Dollar Value Chart by Mint Mark (2025)

The 1882 Morgan Dollar was produced at four different mint facilities, each identifiable by a small letter (or lack thereof) below the eagle on the reverse side. The mint mark is the single most important factor after condition (grade) in determining your coin’s value. The values below reflect current market prices for circulated and uncirculated (Mint State) coins.

• P (Philadelphia Mint): No Mint Mark
• O (New Orleans Mint): 'O' Mark
• S (San Francisco Mint): 'S' Mark
• CC (Carson City Mint): 'CC' Mark

Note: Circulated condition (e.g., VF-20 to AU-50) means the coin has wear from being used in commerce. Uncirculated (MS-60 and above) means the coin is pristine and retains its original mint luster.

1. The Carson City 'CC' Morgan Dollar: The Collector's Prize

The 1882-CC Morgan Dollar is, by far, the most desirable of the regular strikes. The Carson City Mint had a relatively low mintage of just 1,133,000 coins in 1882, making it scarcer than its counterparts.

• Circulated Value (AU-50): Approximately $250 to $350.
• Low Uncirculated Value (MS-63): Approximately $390 to $450.
• Gem Uncirculated Value (MS-65): Approximately $600 to $700.
• Premium Uncirculated Value (MS-66): Prices jump significantly, often reaching $4,200 or more, with MS-67 examples selling for over $7,000.

Why the High Value? Many 1882-CC dollars were part of the famous General Services Administration (GSA) hoard released in the 1970s. While this made them more accessible than other CC dates, the low original mintage ensures a high premium, especially for coins graded MS-65 and higher.

2. The Philadelphia 'P' Morgan Dollar: The Common Base

The Philadelphia Mint produced the largest number of 1882 Morgan Dollars, with a total mintage of 11,101,000 coins. Because of this high production, the 'P' mint mark (indicated by the absence of a mint mark) is the most common and serves as the baseline value for the year.

• Circulated Value (Average): Approximately $75 to $110.
• Uncirculated Value (MS-60 to MS-63): Approximately $115 to $530.
• High-Grade Uncirculated (MS-65+): While common in lower grades, finding a pristine, "Gem" quality Philadelphia coin is difficult. High-end examples can sell for thousands, with some pristine coins reaching up to $20,000 at auction.

3. The New Orleans 'O' and San Francisco 'S' Morgan Dollars

The coins from the New Orleans and San Francisco Mints fall between the common Philadelphia issue and the highly coveted Carson City issue in terms of general value, though the New Orleans coin has a shocking variety that changes everything (see below).

1882-O (New Orleans)

The New Orleans Mint produced just over six million Morgan Dollars in 1882. While common in circulated grades, the quality of strike and luster from this mint is often poor, making high-grade examples (Gem condition) notoriously difficult to find.

• Circulated Value (Average): Approximately $55 to $150.
• High-Grade Uncirculated (MS-65 DMPL): Coins with special finishes like Deep Mirror Proof Like (DMPL) are extremely rare and valuable, with some examples selling for over $3,600 in recent auctions.

1882-S (San Francisco)

The San Francisco Mint (mintage of 9,250,000) generally produced coins with a sharper strike and better luster than New Orleans, making it easier to find attractive uncirculated examples.

• Circulated Value (Average): Similar to the 'P' and 'O' mints, around $75 to $120.
• Premium Uncirculated Value: Top-tier 'S' coins are highly sought after by collectors who value quality. An exceptional MS 68+ example sold for over $27,000, illustrating the demand for the finest-known specimens.

The $50,000 Hidden Treasure: The 1882-O/S Over-Mint Mark Variety

This is the variety that every collector and casual owner of an 1882-O dollar should be looking for. The 1882-O/S is an Over-Mint Mark (OMM) error where the New Orleans Mint used a die that had originally been punched with an 'S' (San Francisco) mint mark, and then punched over it with an 'O' (New Orleans) mint mark.

This distinct mint error is cataloged as VAM-3A and is considered one of the "Top 100 VAMs" (Van Allen-Mallis varieties) in the Morgan Dollar series.

• Rarity and Value: This variety is extremely rare, with only a small number of submissions to grading services.
• Current Market Value: In lower circulated grades, this coin is worth hundreds of dollars. However, the value explodes in Mint State (uncirculated) condition. Recent market data shows MS-65 examples of the 1882-O/S Strong Variety selling for premiums as high as $52,995.
• How to Spot It: Carefully examine the 'O' mint mark on the reverse. You will see remnants of the 'S' mint mark peeking out from underneath the 'O'. This requires magnification and a keen eye.

Understanding the Key Factors That Determine Your Coin’s Worth

The value of your 1882 silver dollar is not fixed. It is a dynamic price that changes based on a few core numismatic principles. Ignoring these factors is the most common mistake made by new collectors.

1. Coin Grade and Condition

The single biggest factor is the coin's condition, or grade, which is assessed on the Sheldon scale (1 to 70). A coin graded MS-65 (Gem Uncirculated) can be worth ten to fifty times more than the same coin in AU-50 (Almost Uncirculated) condition. Professional grading services like PCGS and NGC provide the authoritative grades that unlock a coin's maximum value.

2. Silver Melt Value

Every 1882 Morgan Dollar is made of 90% silver and 10% copper, weighing 26.73 grams. This means the coin has an intrinsic value tied directly to the spot price of silver. As of late 2024/early 2025, the minimum value of any 1882 Morgan Dollar is its melt value, which hovers around $53.70, a price that fluctuates daily with the silver market.

3. Special Finishes (PL and DMPL)

Some uncirculated coins exhibit a special finish, which dramatically increases their value:

• Proof-Like (PL): The fields (flat areas) of the coin have a mirror-like appearance.
• Deep Mirror Proof-Like (DMPL): The mirror-like fields are so deep and reflective that they can be used as a mirror.

These finishes are much rarer and command massive premiums, especially on the 'O' and 'CC' mint marks, as seen with the $3,600 price realized for an 1882-O MS-65 DMPL.

Conclusion: Is Your 1882 Silver Dollar a $50 Coin or a $50,000 Investment?

The 1882 Morgan Silver Dollar is a cornerstone of American numismatics. While a common circulated example will always hold its value above the silver melt price, the true financial potential lies in the rare varieties and high-grade specimens. If you own an 1882-CC, an 1882-O/S, or any coin with a spectacular, pristine uncirculated finish, you may be holding a five-figure asset. The key is professional verification, as only a certified grade will confirm if your coin is one of the market's most sought-after treasures.